\u3000\u3 Shengda Resources Co.Ltd(000603) 982 Nanjing Chervon Auto Precision Technology Co.Ltd(603982) )
Core view
In 2021, the revenue increased slightly, and the revenue of 21q4 and 22q1 was under pressure in the short term. The company released the annual report of 2021 and the first quarter report of 2022. The company achieved a revenue of 1.615 billion yuan in 2021, a year-on-year increase of + 16.53%; The net profit attributable to the parent company was 122 million yuan, a year-on-year increase of + 0.76%. Among them, Q4 achieved a revenue of 425 million yuan, a year-on-year increase of - 10.47%, and a net profit attributable to the parent company of 11 million yuan, a year-on-year increase of - 80.93%. In 2022, the company achieved a revenue of 407 million yuan in Q1, a year-on-year increase of - 3.72%, and a net profit attributable to the parent company of 18 million yuan, a year-on-year increase of - 62.54%.
The price of raw materials rose and the gross profit margin was under pressure. In 2021, the gross profit margin of the company was 20.80%, with a year-on-year decrease of 5.27pct, and the net profit margin was 7.55%, with a year-on-year decrease of 1.18pct. The gross profit margin of Q4 in 2021 was 8.77%, with a year-on-year decrease of 21.02pct and a month on month decrease of 14.30pct; The net interest rate was 2.61%, down 9.63 PCT year-on-year and 5.84 PCT month on month. In 2022, the gross profit margin of Q1 was 15.93%, a year-on-year decrease of 11.72 PCT and a month on month increase of 7.16 PCT; The net interest rate was 4.35%, a year-on-year decrease of 6.82pct and a month on month increase of 1.74pct.
Aluminum for car body has broad prospects. The company has obvious first mover advantages and the business expansion of battery construction is smooth. Lightweight as one of the key technologies of automobile energy saving, aluminum alloy is the best solution material for lightweight. Since the layout of the new energy vehicle business in 2013, the company has gained rich technology accumulation and customer resource accumulation in the field of new energy vehicle parts, and achieved certain industry first mover advantages. In 2021, the company successfully became the supplier of Contemporary Amperex Technology Co.Limited(300750) , Sunwoda Electronic Co.Ltd(300207) , Eve Energy Co.Ltd(300014) , Gotion High-Tech Co.Ltd(002074) and other major battery manufacturers, and won a number of designated battery components such as battery end sectors and battery trays, realizing the full coverage of the business field of "three electricity system" of new energy.
The strategic layout is integrated, and the medium and long-term development strategy is clear. In 2021, the company will make every effort to layout the business related to die casting integration, and will focus on expanding the field of new energy "multi in one" aluminum alloy die castings, battery components and body components. At present, the company's "multi in one" aluminum alloy die-casting business has started mass production of some products, and the technology and process are gradually maturing. The central feeding and other processes are put into application, and efforts are made to break through the process substitution of battery tray integrated die-casting business, as well as the technical breakthrough and business expansion of body structural parts business. The company expects to complete the installation and commissioning of 7 large die casting machines above 3000t by the end of 2022.
Risk tip: the epidemic has dragged down automobile production, the expansion of customers and categories is less than expected, and the new energy policy has been tightened.
Investment suggestion: lower the profit forecast and maintain the rating. Considering the continuous lack of core in the industry in 2022 and the impact of rising prices of raw materials, we lowered the company's profit forecast. It is estimated that the company will realize a net profit attributable to the parent company of 166 / 252 / 414 million yuan from 2022 to 2024 (the previous forecast of 254 / 340 million yuan from 2022 to 2023). As a high-quality aluminum die casting enterprise, the company has high-quality new energy customers, early layout and full product expansion. It updates the one-year target stock price of 18.8-22.5 yuan (the previous target price was 38-44 yuan) and maintains the "buy" rating.
